Private Wealth Partners LLC boosted its stake in shares of The Blackstone Group L.P. (NYSE:BX) by 7.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 213,850 shares of the asset manager’s stock after buying an additional 14,800 shares during the period. The Blackstone Group L.P. comprises approximately 1.5% of Private Wealth Partners LLC’s holdings, making the stock its 22nd largest position. Private Wealth Partners LLC’s holdings in The Blackstone Group L.P. were worth $7,132,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in the stock. Bank of Montreal Can raised its stake in shares of The Blackstone Group L.P. by 107.7% in the second quarter. Bank of Montreal Can now owns 11,475,121 shares of the asset manager’s stock valued at $382,695,000 after buying an additional 5,951,587 shares in the last quarter. Janus Capital Management LLC raised its stake in shares of The Blackstone Group L.P. by 15.8% in the first quarter. Janus Capital Management LLC now owns 18,754,093 shares of the asset manager’s stock valued at $556,990,000 after buying an additional 2,565,390 shares in the last quarter. Morgan Stanley raised its stake in shares of The Blackstone Group L.P. by 6.0% in the first quarter. Morgan Stanley now owns 32,790,651 shares of the asset manager’s stock valued at $973,884,000 after buying an additional 1,859,744 shares in the last quarter. State of New Jersey Common Pension Fund D raised its stake in The Blackstone Group L.P. by 1,500.0% in the first quarter. State of New Jersey Common Pension Fund D now owns 1,600,000 shares of the asset manager’s stock valued at $47,520,000 after buying an additional 1,500,000 shares during the period. Finally, Wellington Management Group LLP raised its stake in The Blackstone Group L.P. by 64.9% in the first quarter. Wellington Management Group LLP now owns 3,642,621 shares of the asset manager’s stock valued at $108,186,000 after buying an additional 1,433,649 shares during the period. Institutional investors and hedge funds own 46.44% of the company’s stock.
The Blackstone Group L.P. (NYSE:BX) opened at 32.26 on Wednesday. The Blackstone Group L.P. has a 1-year low of $23.33 and a 1-year high of $35.09. The firm has a 50-day moving average price of $33.54 and a 200-day moving average price of $31.46. The firm has a market cap of $20.93 billion, a price-to-earnings ratio of 14.51 and a beta of 1.32.
The Blackstone Group L.P. (NYSE:BX) last posted its earnings results on Thursday, July 20th. The asset manager reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by $0.03. The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.49 billion. The Blackstone Group L.P. had a return on equity of 18.97% and a net margin of 22.88%. During the same quarter in the prior year, the company earned $0.44 EPS. On average, analysts expect that The Blackstone Group L.P. will post $2.85 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, August 7th. Shareholders of record on Monday, July 31st were given a dividend of $0.54 per share. The ex-dividend date was Thursday, July 27th. This represents a $2.16 annualized dividend and a dividend yield of 6.70%. The Blackstone Group L.P.’s dividend payout ratio is currently 97.30%.
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Several equities research analysts recently weighed in on BX shares. Vetr lowered The Blackstone Group L.P. from a “strong-buy” rating to a “buy” rating and set a $33.18 target price for the company. in a report on Wednesday, April 19th. Jefferies Group LLC reiterated a “buy” rating on shares of The Blackstone Group L.P. in a report on Thursday, April 27th. Citigroup Inc. upgraded The Blackstone Group L.P. from a “neutral” rating to a “buy” rating and upped their price target for the stock from $32.00 to $40.00 in a report on Monday, May 22nd. Credit Suisse Group upped their price target on The Blackstone Group L.P. from $42.00 to $45.00 and gave the stock an “outperform” rating in a report on Tuesday, May 23rd. Finally, BidaskClub lowered The Blackstone Group L.P. from a “buy” rating to a “hold” rating in a report on Thursday, June 15th. Three analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $37.34.
In related news, major shareholder Real Estate Associa Blackstone sold 15,000,000 shares of the stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $26.05, for a total value of $390,750,000.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Joan Solotar sold 30,500 shares of the stock in a transaction on Monday, June 5th. The stock was sold at an average price of $33.31, for a total value of $1,015,955.00. Following the completion of the sale, the insider now owns 150,281 shares in the company, valued at approximately $5,005,860.11. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,050,500 shares of company stock worth $392,416,555. Company insiders own 1.00% of the company’s stock.
About The Blackstone Group L.P.
The Blackstone Group L.P. is a global alternative asset manager. The Company’s alternative asset management businesses include investment vehicles focused on private equity, non-investment grade credit, secondary private equity funds of funds and multi-asset class strategies. It operates through four segments: Private Equity, Real Estate, Hedge Fund Solutions and Credit.
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